Electric Lunch Box Market: Overview
The market size for electric lunch box was USD XX million in 2021, and during the projection period, it is expected to increase at an 8.5 percent CAGR. The demand for the electric lunch box market is increasing as more people become aware of its convenience. The demand for electric lunch boxes is driven by the increase in food carriers for businesses, schools, and travel. Over the post-lockdown period, trips longer than 500 miles were taken on around 1.25 million occasions in the US. Rising health concerns have prompted city dwellers to eat more home-cooked meals, another reason fostering the market's expansion. Additionally, the capacity of an electric lunch box to serve warm meals in a relatively portable manner is likely to fascinate many customers, particularly frequent travelers and employees, which will further accelerate the expansion of the electric lunch box market.
In addition, lunch boxes offer other features like liquid-tight, freezer-safe, dishwasher-safe, airtight, insulated, and microwave safe. Therefore, it is anticipated that product innovation would be a key part of market development for lunch boxes and lunch bags. More lunch bag sellers are implementing the omnichannel strategy to appeal to the tech-savvy millennial market. Although many millennials and members of Generation Z choose to purchase in-store, they exhibited significantly more interest in hybrid buying techniques, at rates of 30 and 36 percent, respectively. This strategy aims to seamlessly integrate customers' buying experiences across several channels, including brick-and-mortar stores and internet channels.
Additionally, consumers' shifting preferences for electrical goods and ongoing technical advancements will open up the attractive potential for market expansion. It is expected that technical advancements in manufacturing lightweight polymers as rust-free alternatives for metals would boost the client base in the future. In February 2020, Kobwa announced the release of its electric lunch box, which not only heats food but also has the steaming capacity to prepare a full meal.
Electric Lunch Box Market: COVID-19 Impact
The COVID-19 epidemic hugely impacted the development of the electric lunch box market globally. Market expansion and sales in the electronic goods sector were restrained by supply chain disruptions, particularly in 2020. The global electric lunch box market is anticipated to increase significantly in response to the emergence of the innovative COVID-19 pandemic. Supply chain interruptions within the electronics goods sector are anticipated to impede market expansion and sales, particularly in 2020. Throughout the first half of 2020, there will be little demand for electrified lunchboxes. However, rising consumer health concerns and a strong emphasis on preserving safety and hygiene are anticipated to fuel demand for electric lunch boxes in the coming months.
Electric Lunch Box Market: Drivers
Shifting demand from Microwave Food to Electric Lunch Box to Drive Market’s Growth
Electric lunch boxes have become very popular recently, especially with students and those of working-class backgrounds, and the habit is predicted to continue during the forecast period. Additionally, those who are foodies and health-conscious still favor electric lunch boxes. Additionally, during the projection period, the convenience factor of electric lunch boxes will significantly drive up sales. The market for electric lunch boxes is anticipated to expand in the upcoming years due to the rising demand for healthy, flavorful food. Additionally, due to its ability to preserve the flavor and nutrients of food goods, electric lunch boxes are becoming more and more popular over traditional tiffin boxes. Several businesses are utilizing the advantages of steam technology to create extremely effective and energy-efficient electric lunch boxes.
Urbanization and Adoption of Healthy Lifestyles to Boost Market for Electric Lunch Boxes
Urban residents are returning to eating meals prepared at home due to growing health concerns. A sizable user audience is expected to be drawn in by the potential of an electric lunch box to serve warm food in a highly portable manner, especially fervent travelers and employees. People are searching for low electricity lunch boxes these days to connect the electric lunch box to the USB port of a car. Power consumption is decreased by low electricity consumption. Additionally, these lunchboxes are portable, which is helpful for trips and outings. The frequency of short journeys and outings for pleasure or business is projected to increase, increasing the use of electric lunch boxes. In the near future, this is anticipated to drive the market.
Electric Lunch Box Market: Restraints
Access to Cheaper Alternatives to Hamper Market’s Growth
Since they are made of high-quality materials, electric lunch boxes are safe to use around food and maintain food temperature for a longer period of time. A particular style of lunchbox called an "electric lunch box" warms food to a specific temperature, giving it the appearance and sensation of freshly cooked food. The expansion of the electric lunch box market may be hampered by the availability of various low-cost alternatives such as insulated lunch boxes, standard steel, plastic, or glassware tiffins, and microwave-safe lunch boxes.
Electric Lunch Box Market: Segment Overview
Stainless Steel to Dominate Market due to Increased Consumer Preference
With a major share, stainless steel had the highest percentage. Even acidic foods like tomatoes are thought to be safe, non-reactive, and unaffected by these items. The electric lunch box market is anticipated to increase due to the products' outstanding break resistance and high level of food safety. Utilizing stainless steel items also reduces the spread of bacteria and odor. The market for electric lunch boxes is anticipated to increase due to various causes, including shifting consumer preferences, accessibility to a wide selection of designs and materials, and consumers in generation Z and millennials' growing preference for carrying hot, home-cooked food.
With Increased Internet Users, Online Distribution Channel to Dominate Market
Online retail platforms have gained substantial popularity over time, which has, in turn, caused a seismic shift in the global buying habits of the majority of customers. Additionally, there are many more online suppliers because internet marketplaces help buyers and sellers equally. Manufacturers worldwide have chosen digital platforms in the electric lunch box industry to raise product awareness and, as a result, boost sales. The market for electric lunch boxes has therefore experienced significant expansion due to the increasing global penetration of online retail platforms. The most important sales channels for market players are also projected to be online platforms, including e-Commerce websites. Companies are expected to create efficient digital marketing plans that keep the major emphasis on the specifics of the product, including its usefulness, cost, and technology.
Electric Lunch Box Market: Regional Landscape
North America to Dominate Market due to Increase in Travelling and Employment Rate
In the forecast period, North America had the largest proportion, with the United States having the highest share. One of the significant drivers of the market's expansion in the United States is the rising use of inventive electric lunch boxes. The country's rapidly growing internet retail sector is also helping the industry develop. The market's expansion has been driven by the widespread availability of electric lunch boxes in online and specialty retailers in the United States, Mexico, and Canada. Approximately 80% of American customers will purchase online in 2021, and by 2025, that number is expected to increase to 291.2 million. The growing popularity of using lunch boxes when camping also significantly contributes to the increased demand for the item. More than 93.8 million households in North America said they went camping in 2021. More than half of travelers (53%) included camping in some or all of their travel in 2021, accounting for 40% of all leisure travel. In the United States, there were around 127.19 million full-time employees in 2021. Thus propelling the expansion of the market in the region.
Throughout the forecast period, the market in the Asia Pacific is anticipated to grow at the highest rate, with China being the main source of revenue for the region's market expansion. The primary drivers of the growing demand for electric lunch boxes throughout the projection period are projected to be the region's rapid urbanization, rising disposable income, and quick uptake of the product by the working class in nations like China and India. Additionally, it is anticipated that the primary factor propelling the market in this area will be the pressing demand for acceptable and healthy lifestyle items combined with expanding consumer disposable income. Additionally, social media is quite important for promoting western culture and lifestyle products. More than 1.1 billion social media users, primarily in China, were based in Eastern Asia in 2022. With the rising demand for commercial office spaces by multinational corporations and IT companies, the number of special economic zones in India is rapidly increasing (SEZs). The aforementioned promising macroeconomic environment in developing nations like China and India is anticipated to increase market size soon.
Global Electric Lunch Box Market: Competitive Landscape
In September 2022, Jaypee announced the release of its electric series, which comprises electric lunch packs and chafing dishes. The package includes an e-warmer-electric chafing dish, a hot pot electric lunch box, a power meal with a steel electric lunch box, a hot-line electric plastic Lunch Box with 4 Steeliness Steel Containers, and a Spark 4 Cherry lunch box. In June 2021, Lunchbox, a modern ordering system designed to increase online restaurant revenue, said it had agreed to acquire NovaDine, an enterprise digital ordering solution for multi-unit restaurant chains. As Lunchbox expands geographically across the country, this is the first of many stages in the company's intentions to invest in new restaurant technologies.
Few of the players in the Electric Lunch Box Market include Cello World, Girmi, Hamilton Housewares Pvt. Ltd., Haven Innovation, Jaypee Plus, Koolatron Corporation, Newell Brands Inc, SKG Electric Co. Ltd, and Tayama Appliance USA INC.
Regional Classification of the Global Electric Lunch Box Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Electric Lunch Box Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology